Last month we introduced Cloud computing and how it differs from traditional on-premise solutions. Unlike on-premise software, Cloud computing requires no hardware and little to no maintenance, making it an ideal solution for companies and non-profit organizations who can’t afford to have a full-fledged IT department on staff. Now that you have a thorough understanding of what Cloud computing is, we’d like to discuss how businesses and non-profit organizations can use Cloud-based solutions to manage their accounting tasks.
Cloud Solutions are Rising in Popularity
Businesses and non-profits are constantly on-the-go and, in order to remain effective, need to have instant access to their operational and financial information. The progression of technology has made it possible for business executives and non-profit leaders to send emails from airport lines, check bank balances on mobile phones, and view reports on tablets and similar devices. As more and more organizations move to a more mobile framework, having access to your accounting software from any location at any time will be a key factor to your success.
Cloud computing is on the rise, as recent surveys have revealed. In fact, according to a recent study performed by IBM, 13% of organizations have successfully implemented Cloud technology and 21% are currently moving to the Cloud. The study also revealed that 90% of the companies and organizations surveyed are planning to use the Cloud in some capacity within the next few years. To say the Cloud is growing is an understatement; it truly is exploding onto the business and non-profit scene.
Benefits of Cloud Accounting Software
While it’s never a good idea to jump headfirst into technology trends, Cloud computing has made a name for itself as a reliable solution for both businesses and non-profit organizations. Before you decide if the Cloud is for you or not, however, you need to be aware of some of the key benefits, particularly related to accounting. Take a look at the benefits of pairing Cloud computing with your accounting software:
- Instant access to important financial information and reports. With Cloud-based accounting software, you can access and edit your financial information from any location at any time. All you need is a connection to the internet. This allows you to have full visibility while you’re on the road or simply away from the office.
- Improved performance. Cloud computing allows businesses and non-profit organizations to support the changing demands in financial strategy. Users can generate financial reports in real-time, providing them with enough information to suggest new approaches for improved performance.
- Easily customizable. Cloud-based software is easy to customize, allowing you to build a solution to strategically meet your business or organization’s needs. Because Cloud-based accounting software is offered on a subscription-based model, it can be scaled down (or up) depending on your needs at the time. This makes the Cloud desirable for many non-profits and businesses.
- Improve multi-company management. Many businesses have multiple entities, and it can become difficult to financially manage the entire business. With Cloud accounting software, you can access financial records from each company instantly. Users can hone in on information from a particular company or view it all simultaneously. With the Cloud, creating reports and reviewing information for multiple companies is a lot easier.
- Reduced costs. Unlike on-premises accounting solutions, Cloud-based accounting software does not require any extra hardware. This helps companies and non-profits gain more control over their expenses and allows them to redirect their money to more important ventures, such as new programs or products.
If your business or non-profit organization is interested in Cloud computing, give us a call today. We offer a variety of technology consulting services to help you invest in technology that will truly make a difference. Stay tuned for more information about the Cloud and how it is impacting businesses and non-profits all around the world.